Related Party Transactions |
3 Months Ended |
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Mar. 31, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | 11. Related Party Transactions
The following is a summary of related party transactions that met our disclosure threshold:
Product Co-development Agreement
Pursuant to a five-year Product Co-development Agreement effective on August 1, 2021 (the “Product Co-Development Agreement”) with TCNT, the development expenses incurred were $79,866 for the three months ended March 31, 2026, compared to $96,695 for the three months ended March 31, 2025. The fee for non-exclusive use of patents was $149,085 for the three months ended March 31, 2026, compared to $149,566 for the three months ended March 31, 2025. Advance payments totaled $82,023 and $92,014 as of March 31, 2026 and December 31, 2025, respectively.
Manufacturing Service Agreement with TCNT for the AI Nose hardware products
On November 14, 2025, the Company entered into a manufacturing service agreement with TCNT to manufacture AI Nose hardware products. A deposit equal to 50% of the contract price was prepaid by the Company totaling $43,848 and $53,063 as of March 31, 2026 and December 31, 2025, respectively.
AI Nose subscription-based order with ASE Technology Holding
On August 6, 2025, the Company entered into a three-year subscription-based agreement with ASE Technology Holding Co., Ltd. (“ASEH”), a related party, with a total contract value of approximately $2.1 million. Pursuant to the agreement, the Company will deploy approximately 1,400 AI Nose units at select ASEH manufacturing facilities. The agreement provides for the delivery of AI Nose hardware and related subscription-based services. As of March 31, 2026, ASEH prepaid approximately $350,000, representing 50% of the first-year contract consideration, which was received by the Company in 2025.
March 2026 Loan agreement
On March 27, 2026, the Company entered into a loan agreement with ASE Test, Inc., a related party, pursuant to which ASE Test, Inc. agreed to lend the Company an aggregate principal amount of NT$90 million (the “Loan”) (approximately US$2,812,940). As of March 31, 2026, the Company received full amount of the loan agreement.
The Loan bears interest at a rate of 2.5% per annum, accruing daily based on a 365-day year. The loan and the accrued interest are payable in full on the date falling exactly one (1) year after the drawdown date.
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